Employee Plans Compliance Resolution System

News & Analysis as of

The New, New (EPCRS Voluntary Correction) Thing: 457(b) Plans

The IRS’s Employee Plans Compliance Resolution System (or “EPCRS”) permits corrections, both voluntary and on audit, of a broad range of “qualification failures” — i.e., violations of sometimes arcane and complex tax rules —...more

403(b) Plans – Correction Of Plan Errors

Final Internal Revenue Code Section 403(b) regulations issued December 31, 2009 require that plan sponsors adopt written 403(b) Plan documents. A 403(b) Plan is a form of defined contribution retirement plan that may only be...more

403(b) Plans – Correction Due To Loss Of Tax-Exempt Status

What happens if a tax-exempt organization becomes ineligible to sponsor a Section 403(b) Plan because it loses its exempt status under Internal Revenue Code Section 501(c)(3)? As an example, loss of tax-exempt status may...more

Expanded Guidance from IRS on 403(b) Plans

IRS amends EPCRS, significantly affecting 403(b) plans, and issues guidance to assist 403(b) plan sponsors in identifying and correcting defects....more

IRS and US Department of Labor Continue to Expand, Encourage and Simplify Correction Programs in 2013 Updates to EPCRS and DFVCP

Plan sponsors know that errors and failures in administering a retirement plan happen. All too often, changes in administrators, service providers and other staff uncover errors and compliance problems that should be...more

IRS Issues New Correction Procedures for Retirement Plans

The IRS recently released new Employee Plans Compliance Resolution System (EPCRS) procedures. The new EPCRS procedures update procedures that were last issued in 2008 (the “2008 EPCRS”). Like the 2008 procedures, the new...more

The IRS's Retirement Plan Correction Program Has Been Updated and Expanded

On December 31, 2012, the IRS issued Revenue Procedure 2013-12, which updates and expands the IRS's Employee Plans Compliance Resolution System (EPCRS) – the IRS's "fix-it" program for retirement plan errors. Every few years,...more

The IRS Releases Revised Retirement Plan Correction Program

On New Year’s Eve, the IRS issued its long-awaited update to the Employee Plans Compliance Resolution System (EPCRS) in Revenue Procedure 2013-12. The EPCRS is an important IRS program that plan sponsors use to correct...more

IRS Updates and Expands Qualification Correction Program

New provisions for correcting operational and plan document errors take effect on April 1. On December 31, 2012, the Internal Revenue Service (IRS) updated its Employee Plans Compliance Resolution System (EPCRS) through...more

It Just Got Easier to Fix Your Ailing Retirement Plan

Properly maintaining and administering a retirement plan is a difficult task for most employers. Despite even extreme vigilance, things often go wrong. The list of potential plan errors is endless, and plan sponsors face very...more

Recent Changes To The IRS Employee Plans Compliance Resolution System

To kick off 2013, the Internal Revenue Service (IRS) issued Revenue Procedure 2013-12 updating the Employee Plans Compliance Resolution System (EPCRS), the voluntary compliance program for employer-sponsored retirement plans....more

IRS Releases Updated Retirement Plan Correction Procedures

The IRS recently released the long-awaited updated version of the Employee Plans Compliance Resolution System (EPCRS), Revenue Procedure 2013-12. EPCRS allows the sponsor of a tax-deferred retirement plan to voluntarily...more

New and Improved Retirement Plan Correction Program Includes Crucial 403(b) Relief

On December 31, 2012, as Times Square in New York was getting ready to drop the crystal ball, the Internal Revenue Service (IRS) dropped long-awaited guidance regarding retirement plan corrections in the form of Revenue...more

IRS Updates Employee Plans Compliance Resolution System

The Internal Revenue Service (IRS) recently updated the Employee Plans Compliance Resolution System (EPCRS), the comprehensive system of correction programs for sponsors of qualified retirement plans. The components of EPCRS...more

IRS Releases Updated Employee Plan Correction Procedures

On December 31, 2012, the Internal Revenue Service (the “IRS”) released Revenue Procedure 2013-12, which contains long-awaited updates to the Employee Plans Compliance Resolution System (“EPCRS”), previously set forth in...more

Legal Alert: The Fix Is In: IRS Updates Retirement Plan Correction Programs

The Internal Revenue Service (IRS) provided some alternative entertainment on New Year’s Eve by releasing the long-awaited updated Employee Plans Compliance Resolution System (EPCRS) revenue procedure on December 31, 2012....more

A Guide to Employee Benefits Administration and Leaves of Absence

Laws Providing Leaves of Absence - Family and Medical Leave Act (FMLA) - The FMLA, as relevant here, requires covered employers to provide eligible employees up to 12 weeks of unpaid leave due to a serious...more

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